Be careful who you take short sale advice from.
Unfortunately, not everyone knows and understands short sales.
Here is an example of the myths propagated by people who think they know and
understand short sales. I received an email from another agent recently.
This agent thought that a Federal Law had outlawed deficiencies on short sales.
This agent mistakenly thought that the Mortgage Forgiveness Debt Relief Act of
2007 made it so that anyone could short sale their house and the debt would
automatically be forgiven.
This agent had sold over 50 short sales and was experienced on short sales. She
assumed that since the short sale lenders had not mentioned a deficiency in the
short sale approval letter that meant there was no deficiency.
This agent was located in Oregon. However, according to this, she was mistaken. Any of her 50 short sale customers could be at risk of a deficiency, even though their agent had told them that the loan had been forgiven.
Don't make any assumptions when deciding on how to handle your short sale.
Double check everything you hear and make sure it is correct.
Thanks for reading this, Bion Grady.
Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta.
Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.
Bion Grady, Maximum One Realty Greater Atlanta, and the Stop Foreclosure
Institute are not affiliated in any way, shape, or form with the government.
Our services have not been reviewed or endorse by the government or your
lender. Most lenders willingly work with agents on short sales.
This is not intended as legal, technical, or tax advice. Please speak with a
licensed professional before making any decision. Information is deemed
reliable but not guaranteed as of the date of writing.
The views expressed here are Bion's personal views and do not reflect the views
of Maximum One Realty Greater Atlanta.